Elon Musk might sell SpaceX shares in order to privatize Tesla for $420 per share, according to the answers he gave in court in a 2018 tweet that caused shareholder woes. Aroged

Elon Musk might sell SpaceX shares in order to privatize Tesla for $420 per share, according to the  ...

Elon Musk claims that he may sell his SpaceX shares to buy Tesla into private ownership, and that he would do it unambiguously. The claim was made during Musk's testimony as a witness in a company shareholder lawsuit over his 2018 Twitter post that resulted in a decrease in stock prices.

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The plaintiffs' lawsuit is based on Musk's famous tweet in 2018 in which he said he "considered privatizing Tesla for $420" and the stock's volatility continued throughout the following weeks. At the time, Musk was implying that people shouldn't take his tweet as a guide to action.

Musk retaliates against the Saudi Arabian State Investment Fund, claiming that the country unconditionally supported the transaction, which eventually fell through. The court reportedly heard about Musk's text message and a possible confrontation with Saudi fund manager Yasser Al-Rumayyan over the deal. A Saudi spokesman responded that Musk's public statement was idiosyncratic.

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In the first instance, the judge had already determined that his tweets were "objectively false and reckless." However, plaintiffs have yet to prove that Musk knew his words were misleading and that his tweets caused harm.

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